Around 180,000 students have been waived off their US Education Loan worth $ 493 million. This is following the settlements reached by a for-profit higher education firm with the District of Columbia and 48 US States.
The students who have received the US Education Loan waiver attended classes at dozens of campuses of Career Education Corp. This was in the past 30 years, as quoted by the NPR. They will now not be required to repay the loans they took from the firm.
The average amount per student nationally is $ 2, 750. The total US Education Loan amount is $ 493 million. The settlements declared this week describe a deception pattern. This misguided the students regarding the potential expenses of enrolment at programs of CEC. They were also misled about their employment prospects upon graduation and other aspects.
Career Education Corp meanwhile refuted any charges of liability or wrongdoing. However, the investigation commenced by the State Attorneys General did not focus on the education quality. It focussed on the manner in which it was promoted.
The States have said that emotionally charged language was used by the CEC. This emphasized the pain in the lives of prospective students pressurizing them to enrol. It also distorted the manner of transfer of school credits to other schools. The Admissions Counsellors were also asked to withhold crucial information regarding tuition costs, add the States.
Lisa Madigan the Illinois Attorney General said that the settlement ensures that the firm treats the students in the way it should have all along. This is with respect for their futures and honesty, adds the Attorney General.
Currently, CEC offers courses through Colorado Technical University and American InterContinental University. It has shut down many of its other schools in the past 10 years. These include Sanford-Brown, Briarcliffe College, and Le Cordon Bleu North America.
Tom Miller the Iowa Attorney General said that the agreement offers relief to former students. It also safeguards the future students, he added. This also accentuates our efforts for cleaning up the for-profit education industry, said Miller.
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